$BTC

#dump

Bitcoin experienced a partial recovery today following a weekend decline, driven by positive news from Hong Kong regarding the potential for a spot Bitcoin ETF. However, the overall outlook remains unchanged. The current upward movement lacks substantial reasoning beyond the typical "To The Moon" sentiment. Miner profit-taking persists and is expected to intensify, with the correction yet to meet even modest targets. Consequently, sustainable growth seems unlikely. Any minor upticks may lure investors into a bull trap, prompting profit-taking on long positions. Despite the drop, the fear and greed index remains high, indicating ongoing market fervor. Unabated enthusiasm risks market overheating and subsequent breakdown.

#BTC #Bitcoin #bitcoinhalving $BTC